Attractive Oakland subdvision home with big spaces! 20 Audrey Drive is a Fort Walton Beach Florida short sale.  Large family room with bay window, lots of light, generous kitchen. Expanded master bedroom adds square footage. HUGE yard with above-ground pool and deck. New pool liner 2010. New roof 2004 and new garage roof 2009. Good location near Santa Rosa Mall shopping and convenient to Eglin Air Force Base or Hurlburt Field.

20 Audrey Dr., W, Fort Walton Beach FL – short sale – offered at $99,900

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Fort Walton Beach FL Real Estate

Fort Walton Beach Short Sales & Pre Foreclosure Help.

Read Wendy’s Fort Walton Beach Real Estate Blog

The post 20 Audrey Dr., W., Fort Walton Beach FL – Short Sale first appeared on Rulnick Realty.

I just received approval for a Wells Fargo short sale in the Bayou Subdvision, Fort Walton Beach Florida.  The approval was a swift 30 days, but the journey getting there was strange.  Here is a summary

9/29 – Short Sale package faxed to Wells Fargo

10/5 – Broker Price Opinon completed

10/22– Negotiator asks for $1000 cash contribution from seller.  Seller asks if buyer can pay this fee, negotiator says “YES”. Buyer agrees to reduction in buyer credit.

10/23– Revised Settlement Statement (HUD) sent to Wells Fargo increasing their net by $1000 by reducing buyer credit

10/24– Negotiator says “unacceptable”, seller must pay this fee (even though she said buyer could pay this fee earlier).

Seller says he’ll pay the $1000, but asks if he will get still deficiency judgment on the remainder of the loss?  Negotiator says “YES”.  Seller was then going to cancel  the contract.  I advised seller Wells Fargo’s standard approval letter does not seek a deficiency, so let’s proceed and see what we get.

10/30– Short sale approved – no deficiency  

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Fort Walton Beach FL Real Estate

We got the result we wanted. but it sure was a strange journey!

If you are considering short sale to avoid foreclosure, consider hiring an experienced Fort Walton Beach short sale agent.

The post Wells Fargo Approves Fort Walton Beach Short Sale – Swift and Strange first appeared on Rulnick Realty.

Regions Mortgage speedily approved a Waterscape condo for short sale in Fort Walton Beach, Florida.  This Okaloosa Island condo was decorated with luxury in mind. The kitchen had granite counters, undermount sink, stainless steel appliances.  The bunk room was an added bonus. Waterscape has two pools, two hot tubs, waterfall and impressive work-out center.

This Waterscape unit had a Regions mortgage of about $450,000.  The sale price was about $260,000.

How did Regions approve this short sale in just two weeks?

– Complete package submitted to lender
– Strong fair market value offer

If you are considering selling your Okaloosa Island condo to avoid foreclosure, contact an experienced Fort Walton Beach real estate agent who specializes in short sales.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Fort Walton Beach Florida Real Estate

Okaloosa Island Short Sales & Pre Foreclosure Help.

Read Wendy’s Fort Walton Beach Real Estate Blog

The post Regions Approves Waterscape Short Sale, Okaloosa Island Florida first appeared on Rulnick Realty.

Bank of America just approved the short sale for Island Princess Unit 310 on Okaloosa Island, Florida. It took a longer-than normal 4.5 months.  And we’re going to have a hard time complying with the closing requirements….
The approval letter date: yesterday.  

 The closing deadline:  today.

  Enough said.

 It’s Wendy!

 Wendy Rulnick, Broker, Rulnick Realty, Inc.

 Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

 Email Wendy: itswendy@rulnickrealty.com

 Fort Walton Beach Florida Real Estate

 Fort Walton Beach Short Sales & Pre Foreclosure Help.

 Read Wendy’s Fort Walton Beach Real Estate Blog

The post Bank of America Short Sale – Lengthy Approval and Speedy Closing? first appeared on Rulnick Realty.

The games we short sale agents must play!

1.  I list a Fort Walton Beach Florida short sale at what I believe is close to market value-  $89,900.  I’ve been doing this for awhile, so my philosophy is to price where other comparable properties will support this value, using recent sales, competition, pendings and expireds. 

2.  I receive an offer in the $80,000s.  The seller and I discuss that this is likely in range of what the BPO agent will come up.  Seller accepts offer and I forward short sale package to Bank of America.

3. Bank of America orders their BPO.  I receive a counter offer, stating BPO value is $124,000.  Gee, I must have really missed pricing right here!  Off by 30%! Buyer walks.

4. I raise the price to $124,000.  Aahhhhh, only for a short time.  I know the BPO is only good in this case for 90 days (not a VA compromise sale).  Of course, no one looks at the house.  I slowly lower the price.

5.  90 days are up!  I reduce the price back down to what it originally was, actually a bit less, since our market has now dropped.

6.  PRESTO!  New offer in the $80,000s.

7.  I send the short sale package to Bank of America.  I pray they don’t get the BPO value wrong again.

8.  We are in luck, the mighty BPO agrees with the contract price this time!  I am blessed! Short Sale approved in the $80,000s.

Meanwhile, Bank of America spent more on legal fees.  I spent more on marketing. And the seller hurtled four months closer to foreclosure.  Let the short sale games continue.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Fort Walton Beach Florida Real Estate

Fort Walton Beach Short Sales & Pre Foreclosure Help.

Read Wendy’s Fort Walton Beach Real Estate Blog

The post How Many BPOs Does It Take To Get The Short Sale Price Right? first appeared on Rulnick Realty.

From the wonderful lawn to the many improvements- this Fort Walton Beach Florida short sale home is easy to love! 225 Fliva Ave., in the Bayou Subdivision, has new hardwood floors, remodeled kitchen with custom cabinets, Corian counters, and all new lighting. That’s just a start. All windows have been replaced, new air conditioner and new paint! The exterior is brick, the street appeal is upscale.  Located in the Bayou Subdivision in the Cinco Bayou area, just a few minutes to Eglin Air Force Base, Hurlburt Field, or especially, the beaches of Okaloosa Island and Destin Florida. Make it yours!

225 Fliva Ave., Fort Walton Beach Florida – short sale  – offered for $155,000

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Fort Walton Beach Florida Real Estate

Fort Walton Beach Short Sales & Pre Foreclosure Help.

Read Wendy’s Fort Walton Beach Real Estate Blog

The post 225 Fliva Ave., Fort Walton Beach Florida – Short Sale first appeared on Rulnick Realty.

If you like a bit more privacy on your beach jaunts, then this Blue Dolphin short sale condo on Okaloosa Island Florida is for you! Blue Dolphin is small waterfront complex let’s you get away from the crowds… Lounge at the beachfront pool, use the convenient dune-crossing boardwalk to Gulf of Mexico waters! This Fort Walton Beach short sale condo has high ceilings, granite counters, tile floors and covered parking. Long balcony for after-sun breezes and wave-watching. Beautifully decorated. Okaloosa Island is in Fort Walton Beach Florida, near great restaurants and shopping in Destin Florida, too. Emerald green waters await you. What more could you want?

466 Abalone Court, Blue Dolphin condo #302 offered for $299,900

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Fort Walton Beach Florida Real Estate

Fort Walton Beach Short Sales & Pre Foreclosure Help.

Read Wendy’s Short Sale Blog

The post Blue Dolphin Condo #302, Okaloosa Island, Fort Walton Beach Florida – Short Sale first appeared on Rulnick Realty.

Spacious end unit in the Shangra Woods townhome complex at 940 McFarlan Ave. This Fort Walton Beach short sale home has an open feeling, with breakfast bar between the kitchen and living room.  Want a roommate? Two bedrooms up, each with its own full bath is th perfect set-up. Large double driveway for generous parking. Air conditioner new 2007, new roof 2005, two high impact windows, per seller. This Shangra Woods townhouse is in a great Fort Walton Beach location in Ocean City.  Easy commute to Eglin AFB and Hurlburt Field.  The beaches of Okaloosa Island are about ten minutes away.

Offered at $88,700.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Fort Walton Beach Florida Real Estate

Fort Walton Beach Short Sales & Pre Foreclosure Help.

Read Wendy’s Blog

Wendy is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

The post 940 McFarlan Ave., Shangra Woods, Fort Walton Beach Florida – Short Sale first appeared on Rulnick Realty.

Are you a U.S. military service member at Eglin Air Force Base who has been relocated by the government to a new base? Do you have to do a short sale?  Is your lender Chase? If so, you may not get any special consideration, despite PCS (permanent change of station) orders.

I am currently in negotiations with Wells Fargo and Chase, as junior lien holder, for a Fort Walton Beach Florida short sale.  The Eglin Air Force Base seller was transferred, or PCSd (permanent change of station), to a new base and had to sell his home.  Of course, he was substantially upside-down in his mortgage balance compared to his market value.  He has no choice but to follow orders and relocate.  He was not qualified for HAP due to the original purchase cut-off date of July 2006.  There is little hope of renting out the property to cover the mortgage payments.  This is a common scenario in my neck of the woods around Fort Walton Beach and Crestview Florida.

In the past few years, I have sold dozens of Eglin Air Force Base and Hurlburt Field military service member homes as short sales or VA Compromise sales.  U.S. government orders were never questioned and always deemed a sufficient hardship. These are not voluntary relocations.  They are required to ensure our safety and freedom. Not once have I had a request for cash or a promissory note from a short sale lender.  That is, until now.

It seems that Chase, after sending its loan to a collection agency, feels that the open line of credit my military airman has on a charge card is sufficient for him to cash advance $25,000.  With no release of the rest of his deficiency balance. There is no consideration to the new debt service our Eglin Air Force Base airman would incur.  Chase’s stance is that he either pays $25,000 and remains liable for deficiency balance, or he pays $35,000 to settle the account in full. 

That is, while he is fighting for us in Afghanistan. 

(Stay tuned for the end of the story.)

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Eglin Air Force Base Real Estate

Eglin Air Force Base Short Sales & Pre Foreclosure Help.

Read Wendy’s Eglin and Hurlburt Field Real Estate Blog

The post U.S. Military PCS Short Sale? Chase Tells Eglin Air Force Base Airman – They Don’t Care first appeared on Rulnick Realty.

My most recent Fort Walton Beach short sale approval was like going through ten rounds in a boxing match.  The senior lien, Carrington Mortgage, initially wanted the seller to pay a $150,000 promissory note, or about $450 per month, to cover the loss. The seller, having no income, said no.  Carrington then dropped the request and asked for a cash contribution of $10,000.  Again, the seller said no.  After weeks of wrangling, Carrington settled for the contract proceeds without any promissory note or cash contribution, and approved the short sale.  Flagstar Bank, the junior lien, received a small contribution from the buyer. Here is the summary:

Short Sale property:  Single Family home in Fort Walton Beach Florida

Senior Lien:  Carrington Mortgage – balance $570,000

Junior Lien:  Flagstar Bank – balance $100,000

Short Sale Offer:  $375,000

Flagstar Cash Contribution:  $5500 (from senior lien and buyer)

Time for Approval:  Four months (it felt like six)

If you are considering selling your Fort Walton Beach Florida home as a short sale, it is best to hire an experienced real estate agent.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Fort Walton Beach FL Real Estate

Fort Walton Beach Short Sales & Pre Foreclosure Help.

Read Wendy’s Fort Walton Beach Short Sale Blog

The post Carrington Mortgage and Flagstar Bank Approve Fort Walton Beach Florida Short Sale first appeared on Rulnick Realty.